The field device management market is projected to grow from USD 1.3 billion in 2019 to USD 1.8 billion by 2024; it is expected to record a CAGR of 6.7%

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May 22, 2019, 16:04 ET

NEW YORK, May 22, 2019 /PRNewswire/ -- Rising importance of Industry 4.0 and smart factory drive overall growth of field device management market

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The field device management market is projected to grow from USD 1.3 billion in 2019 to USD 1.8 billion by 2024; it is expected to record a CAGR of 6.7%. The field device management market is driven by various factors, such as the rising importance of Industry 4.0 and smart factory, growing focus of manufacturers on reduction in maintenance and operational costs, surging need for FDM systems, and increasing investments by automation companies for the development of IIoT solutions. However, a dearth of a skilled workforce may hinder the growth of the market.

software segment to witness highest CAGR during forecast period
Software offerings are expected to dominate the market due to the rising adoption of advanced technologies such as industrial automation, Industry 4.0, and IIoT. FDM tools offer preventive maintenance management of devices. It helps for classifying and managing device maintenance information such as inspection schedules, inspection memos, and configuration information of devices. Moreover, operation information about field devices can be easily obtained remotely anywhere, which can be used for maintenance tasks

Based on industries, discrete industry is likely to fastest-growing industry during 2019–2024
Discrete industries mainly include automotive, manufacturing, and aerospace & defence industries.The significance of information availability from field devices is continuously growing for meeting the demands of competitive and flexible production systems in discrete manufacturing.

Discrete industries, particularly automotive and manufacturing, are expected to adopt field device management solutions at a faster rate.

APAC to record highest growth rate in field device management market during forecast period
APAC is likely to be the leading region for the field device management market in the coming years.APAC has become a global focal point for large investments and business expansions, thereby providing opportunities for the field device management market.

Major factors driving the growth of the FDM market in APAC include the rising demand for FDM tools due to the growing automation in the industry; growing adoption of technologies such as Industry 4.0, smart factory, IoT, and IIoT; and increasing investments in field device management to optimize productivity and increase maintenance efficiency. Process industries such as energy & power, oil & gas, and chemicals are expected to witness increased demand for FDM solutions for the continuous monitoring of processes and machinery in these industries. Manufacturing industries such as automotive and electrical & electronics are also expected to contribute significantly to the FDM market growth.

In-depth interviews have been conducted with chief executive officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the field device management marketplace.
• By Company Type: Tier 1 - 54%, Tier 2 - 28%, and Tier 3 - 18%
• By Designation: C-Level Executives - 62%, Directors - 25%, and Managers - 13%
• By Region: North America - 28%, Europe - 24%, APAC - 38%, and RoW - 10%

The field device management market comprises major players such as Honeywell (US), ABB (Switzerland), Schneider Electric (France), Siemens (Germany), Emerson (US), Rockwell Automation (US), Yokogawa (Japan), OMRON (Japan), Mitsubishi Electric (Japan), Fanuc (Japan), Metso (Finland), Valmet (Finland), Hamilton Company (US), Phoenix Contact (Germany), Endress+Hauser (Switzerland), Festo (Germany), Omega Engineering (UK), Hach (US), Azbil Corporation (Japan), and Weidmüller (Germany).

The study includes an in-depth competitive analysis of these key players in the field device management market, with their company profiles, recent developments, and key market strategies.

Research Coverage
The report defines, describes, and forecasts the field device management market based on offering, industry, communication protocol, and geography.It provides detailed information regarding factors such as drivers, restraints, opportunities, and challenges influencing the growth of the field device management market.

It also analyzes competitive developments such as collaborations, agreements, contracts, partnerships, mergers and acquisitions, and product launches and developments carried out by the key players to grow in the market.

Key Benefits of Buying the Report
The report will help market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall field device management market and the subsegments.This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies.

The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.

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